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ISO 20022 migration to continue despite delays, Deutsche Bank paper

Friday 25 September 2020 13:05 CET | News

Deutsche Bank has released a new ‘Guide to ISO 20022 migration’ whitepaper, which offers an update regarding industry shift to the de facto global standard for financial messaging: ISO 20022.

This paper comes at a time when the ISO 20022 migration suffered delays, with a number of changes to existing timelines and strategies from SWIFT and the world’s major market infrastructures having been announced in 2020. The paper explores the latest developments, including SWIFT’s year-long postponement of the migration in the correspondent banking space, according to the official press release. 

The decision meets industry calls for a delay and also provides time to build the new central Transaction Management Platform (TMP) – a core feature of SWIFT’s new strategy that will allow the industry to move away from point-to-point messaging and towards central transaction processing. It also details the wave of action that has been seen by market infrastructures around the world – with many, including the ECB, EBA CLEARING and the Bank of England, announcing revised migration approaches.

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Keywords: ISO 20022, Deutsche Bank, migration, report, Guide to ISO 20022, industry shift, financial messaging standard, global standard, SWIFT, market infrastructures, correspondent banking, Transaction Management Platform, TMP, central transaction processing, ECB, EBA CLEARING, Bank of England
Categories: Banking & Fintech | Online & Mobile Banking
Countries: World
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Banking & Fintech